Tuesday, April 1, 2008

Chart of S&P 500 with Elliott wave counts














This chart has served me well over the past few months with very few modifications. Counted the Elliott waves for S&P 500.
Note we have completed the A wave and now are in a counter-trend B wave. You don't want to be in a short mode during the B wave. We need to complete a small down wave in the B wave before completing the final upleg in the B wave. After that we should be having a trending C-wave which will follow the same direction as the A wave. Where the C-wave begins is a big question. But looking at the chart, it seems we should start it somehwere in 1400-1420 level.

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